Why are there different systems of money transfer like RTGS, NEFT and IMPS?

Gaurav Jain

Gaurav Jain, Co-Founder at Yadnya Investment Academy (2016-present)

Répondu il y a 40w · L'auteur dispose de réponses 1.2k et de vues de réponses 989.4k

NEFT and RTGS are two methods to transfer money from one bank to another bank in India. Both the systems are maintained by Reserve Bank of India.

Immediate Payment Service (IMPS) is a remittance service through which one can transfer money anytime, anywhere across India The basic difference between RTGS and NEFT lies in the settlement timings and amount. Real Time Gross Settlement (RTGS) is based on the gross settlement where the transaction is settled on an instruction by instruction basis. National Electronic Funds Transfer (NEFT) is an electronic fund transfer system which settles transactions in batches.

National Electronic Funds Transfer (NEFT) is transfer of funds online by a financial institution, mainly for the banks in India. NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. NEFT has no limit either minimum or maximum on the amount of funds that could be transferred using NEFT.

RTGS is based on the gross settlement where the transaction is settled on an instruction by instruction basis. In RTGS the minimum amount should be above Rs 2 lakh and maximum amount is Rs 10 Lakh.

IMPS basically involves a transfer mechanism using the mobile phone. A host of banks allow the transfer through this mechanism including the reputed banks like State Bank of India, ICICI Bank and Axis Bank. Here is the limit is set by the bank. For example, State Bank of India permit only one beneficiary in a calendar day. Which means one cannot send money through IMPS for more then one beneficiary in a day.

To know further in detail watch the following video

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Manish Kumar

Manish Kumar

Répondu il y a 6w


RTGS has a complete form, Real time gross settlement. Money transfer takes place in real time, meaning that if we transfer money, then our mobile will receive a message and on the other side we send money in the account of which the amount is credited in the account immediately.

1) Money transfer in RTGS can happen only if the officially bank is running. Like SBI's bank usually runs from 0900 to 1630 hrs.

2) RTGS facility does not get sunday and gazatted holiday, as the bank is closed on this day

3) Money transfers in RTGS are in real time. The maximum amount of money transfer in this manner is 02 hours.

4) In RTGS we can transfer a minimum of 2 lakh and a maximum of 10 lakhs. The maximum amount of transfer of money is different in different banks.

RTGS charges transfer from SBI

Time charge

------- ---------

0900 -1200 hrs -Rs 02-05 lakhs 25 / -

05 lakhs -Rs 50 / -

------- -----------

1200-1500 hrs Up to 02-05 lakhs -Rs. 26 / -

Above Rs.5 lac - Rs. 30 / -

(Up to Saturday 1300 hours)

----------- - --------

1530-1630 hrs 02-05 lakhs -Rs. 30 / -

05 lakhs -Rs 55 / -

-------- ----------

In addition to the above fees, you will also have to pay service tax.


NEFT's full form is National Electronic Fund transfer

Money transfer in NEFT is in Batches and there is about one hour of Batches. In this you can send money from 0800 to 1900 hrs Monday to Friday and 0800 to 1230 hrs on Saturdays. The bank will forward the money you sent Runs 12 batches from Monday to Friday and 06 batches on Saturdays. If you have transferred the money till 1700 hrs, then on the same day the bank pays money in the money account, but if you have transferred money to 1700 From 1900 hrs, the bank does its execution the next day. In NEFT we can transfer money up to a maximum of 10 lakhs.

NEFT charges transfer from SBI

Amount charge

Up to 10 thousand - Rs.2.50 / -

From 10 thousand to 1 million - Rs. 05 / -

From 01 lakh to 02 lakh - Rs. 15 / -

Up to 2 million -Rs 25 / -

In addition to the above fees, you will also have to pay service tax.

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The full form of IMPS is the instant payment service.This service started in 2010. The funding of this service is that you can transfer money to anyone and anytime with this help.This also transfers money in real time. It was originally made for mobile phones. In this manner money can be sent to a person only when you have that person's name, mobile number and MMID.

For more info in hindi language , you may visit here

RTGS,NEFT,IMPS kya hota hai

Singh Harveer

Singh Harveer, Explorez-Absorbez-Réponse

Répondu il y a 194w

Réponse d'origine: Why is there NEFT and RTGS two payment transfer system?

Both of these systems have their own distinct features, and serve different markets - NEFT serves retail (i.e. individuals) or low value corporate payments, whereas RTGS is meant for corporate and other large payments.

More than all the differences enlisted by others here, the key benefit of two payment systems is .... REDUNDANCY. If one system (e.g. RTGS) goes down, the other system (NEFT) can be utilised to keep the economy humming.

If you think payment systems going down is a fictional scenario, please ask any banker how they feel around yearly closing (last working day before 31st March and the next working day afterwards), especially when long weekends are involved!

Pankaj Mishra

Pankaj Mishra, Consultant chez Software Technology Parks of India (2017-present)

Répondu il y a 38w · L'auteur dispose de réponses 84 et de vues de réponses 309k

L'acronyme 'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.

The RTGS system is primarily meant for large value transactions. The minimum amount to be remitted through RTGS is Rs 2 lakh. The maximum limit is Rs 10 lakh per day.

The time frame to schedule an RTGS transaction in advance is 3 working days.

Why are there different systems of money transfer like RTGS, NEFT and IMPS?

The IMPS (Immediate Payment Service) helps you access your bank account and transfer funds instantly and securely. You can send money using Netbanking on an internet-powered laptop or PC. It enable you to transfer funds from your account to any other account. The beneficiary account is credited immediately when a fund transfer request is made from your side.

You can transfer funds using transfer money using an Account Number & the IFSC code.

Why are there different systems of money transfer like RTGS, NEFT and IMPS?

National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.

Why are there different systems of money transfer like RTGS, NEFT and IMPS?

The main difference between all these 3 is the Amount and the time it requires to process the transactions.

Why are there different systems of money transfer like RTGS, NEFT and IMPS?

The above information has been collected from the ICICI website as well as other sources.

*Images may be subject to copyrights, They have been used only for information purpose.

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Adhil Shetty

Adhil Shetty, PDG, Bankbazaar.com

Répondu il y a 44w · L'auteur dispose de réponses 916 et de vues de réponses 5.6m

Banks allows different facilities to transfer money for different purposes.

  • IMPS (Immediate Payment Services) - By using IMPS, you can transfer money to any other bank account anytime i.e. 24x7. You can transfer the funds by logging into your bank account through a computer or mobile device. The payee should be added prior to transferring the fund. After you select the registered payee and fill the amount that you want to transfer, the bank will send you an OTP on your mobile, and after entering the OTP on the transaction window, the payment immediately gets transferred to the requisite account. The settlement between the banks happens later on. Since there is a limit set for the maximum amount (Rs. 1 Lakh), banks can take the load of payments transferred through IMPS mode.
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Read more about IMPS here: IMPS Payment - Transfer Money Instantly Through IMPS Fund Transfer

  • NEFT (National Electronic Fund Transfer) - Normally, the maximum amount through NEFT allowed is Rs 10 Lakhs. The transfer process is similar to the IMPS; however, you can use the NEFT inside banking hours only. Your payment may not get transferred immediately. The fund is transferred in batches, i.e. every half hour.

Read more about NEFT here: NEFT (National Electronic Funds Transfer) - Quick One-to-One Funds Transfer

  • Real Time Gross Settlement (RTGS) - The fund transfer restriction through RTGS is normally Rs 2 Lakhs to Rs 10 Lakhs. This facility is available only on the bank’s working day and during working hours. Once you execute an RTGS transaction, it first gets settled through a centralized settlement mechanism.

Read more about RTGS here: RTGS | What is RTGS Transaction | RTGS Charges

Si vous avez d'autres questions concernant Personal Finance, vous pouvez les suivre et les tweeter. Je serai ravi d'y répondre pour vous - Adhil Shetty (@adhilshetty) | Gazouillement

Amarnatha Reddy Y

Amarnatha Reddy Y, Banking and FIRC Knowledge

Répondu il y a 133w

Réponse d'origine: Why NEFT or RTGS when you can IMPS to transfer money across banks in India?

Most of us are not really aware of the difference between the various models and on what occasions they have to be used.

NEFT (National Electronic Funds Transfer) and RTGS(Real Time Gross Settlement) are the two main fund settlement mechanisms used by banks in India to conduct one to one transactions. These transfer protocols are maintained by the Reserve Bank of India.

IMPS (Interbank Mobile Payment Service/Immediate Payment Service) on the other hand is a mobile based payment mechanism introduced in 2010 by the National Payments Corporation of India to allow customers to transfer money instantly, facilitating instant remittance across multiple platforms.

Intra bank transactions are usually pretty easy as it happens without contact with an external bank. Payment mechanisms like NEFT and RTGS come into the picture when contact with an external banks is involved.


NEFT transactions are usually used to transact in small amounts as there is no minimum amount, but the maximum* amount possible is Rs 5 lakhs. Also NEFT transactions are conducted between banks on net settlements basis, meaning they are conducted in batches and not at the same time as the transactions.

NEFT operates from 8AM to 6:30PM on weekdays and 8AM to 12:30PM on Saturday,in hourly batches. There are twelve settlement batches on week days and six settlements on Saturdays. Timings might vary slightly from bank to bank.

Transactions made during this time slot are settled within the same day and after the ones ones conducted after the end time are carried out the next day.


RTGS transactions are usually to transact in larger amounts in real time, the minimum amount required is Rs 2 lakhs and the maximum* amount is Rs 5 lakhs. RTGS transactions happen between banks in real time and on a gross basis. As this mechanism operates in real time, i.e sans any waiting period, and on a gross basis, i.e settled individually unlike in batches, it is the fastest way to transfer money electronically.

RTGS can be accessed between 9AM and 4:30PM on weekdays and 9AM and 1:30PM on Saturdays. Timings might vary slightly from bank to bank.


Using IMPS, a relatively newer service, users can transfer money immediately from one account to the other account, within the same bank or accounts across other banks. Similar to NEFT, there is no minimum amount for transactions, but the maximum* amount possible is Rs 5 lakhs.

Users can carry out Person to Person(P2P), Person to Account(P2A) and Person to Merchant(P2M) transactions from their mobile, Internet or ATM. One of the advantages of IMPS transaction is that it is available 24X7 and even on holidays. This can be payments for utility bills, mobile or DTH recharge, credit card bills, grocery bills, travel ticketing, online shopping and even educational institutes fee payments through this channel.

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We had recently written about the growth of IMPS transactions in India, in the past one year. You can see more details on the IMPS procedures ici .


For NEFT and RTGS charges vary from bank to bank, but the RBI has set a maximum limit on what the banks can charge customers. Visit your bank website to see their charges.

IMPS were offered free of cost in order to promote this channels, but most banks usually charge amount similar to their NEFT tariff.

This is just a brief description on the major differences between the three transaction mechanisms for retail banking customers. You can visit the bank website to read about the fine details.

* The RBI has not set a value for the maximum amount possible to be transferred using NEFT/RTGS/IMPS, but RBI allows banks to place per transaction limits based on their own risk perception with the approval of its Board. Visit your bank website to know the exact amount and charges.

Subho Mitra

Subho Mitra, works at Nestlé

Répondu il y a 195w

Réponse d'origine: Why is there NEFT and RTGS two payment transfer system?

RTGS : Real Time Gross Settlement.
NEFT : National Electronic Funds Transfer. Both are used for transferring funds to another bank account (be it a same bank or another one). The basic two differences are :

  1. RTGS is faster. Note the word REAL TIME. Transfer through RTGS takes 10 min to 2 hrs time. NEFT takes up to 24 hrs. A minimum service charge is levied for the transaction.
  2. RTGS generally has a minimum amount capping, depending on the bank. Generally it is Rs 1 lac or Rs 2 lacs. NEFT has maximum amount capping which is again around Rs 1 lac or Rs 2 lacs, depending on the bank.

From technical aspect (or a banker's perspective), there is a major difference. NEFT transfers gets settled between banks at specified intervals. These settlements are net of all the transfers that took place between all the banks throughout that interval. At the time of settlement, only the net amount is paid by one bank to the another. Thus comes the word NET on NEFT. For example, if 100 people transferred Rs 1 crore in total from SBI to PNB, and some 90 people transferred Rs 90 lacs from PNB to SBI, then at the end of the day, SBI actually pays only Rs 10 lacs to PNB and both the banks make all the transfer entries in their books for all the 190 transfers. This is why NEFT takes time. In case of RTGS, where we have GROSS settlement, there is no such net off, and the banks pay each other the amount for every RTGS transaction made (though practically it is again a bit different). Thus, RTGS transfers are much faster since the banks need not wait for any kind of confirmation from the other bank, and just sends instructions to pay off the amount to the other bank and RTGS also makes sense for larger and urgent business transactions.

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